The pandemic and the difficulties in business are taking their toll on Polish companies. According to the latest data from Coface, last year we registered 1,243 bankruptcies and restructurings of companies in Poland, which is 22% more than a year ago. The largest increase in the number of proceedings was recorded in the service sector (54% year-on-year), retail (39%) and transport (36%). – Real company problems However, it is only visible on a micro scale. For example, the catering and hotel industries, classified as services, recorded a jump of 186% in this respect. The entertainment sector and long-distance bus transport also suffered huge problems. If the current situation continues, the list of industries affected by the pandemic will systematically grow - indicates Małgorzata Anisimowicz, president of PMR Restructuring Management Board.
The growing number of insolvency problems could not be avoided despite the active fight entrepreneurs to maintain their own businesses. - Many companies almost from the very beginning of the pandemic began to limit some areas of activity and liquidate individual assets. Owners often even sold private assets. All this in order to improve financial liquidity. Entrepreneurs also benefited from minimal state aid, but in practice it did not even cover the fixed costs of the business activities conducted – explains Małgorzata Anisimowicz. The expert adds that in the first months of this year the scale of the problem will increase.
25 January 2021. We invite you to read the full version:" Company bankruptcies in the age of pandemics
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